Every week Freddie Mac does a survey of mortgage lenders in the US to determine the average rate on the most popular loans. These loans are the 30 Year Fixed and 15 Year Fixed. With this data they determine the average mortgage rates and post it in their Primary Mortgage Market Survey (PMMS).
The data shows a gradual climb in interest rates over the last few weeks. This week, the average rate for a 30 year fixed rate is 3.63% which is up from last weeks average on 3.52%.
So if you are in the market for a new home, you may want to consider expediting your search before the rates continue to climb.
I will keep on eye on the rates for you and continue to inform you of their action. If you are considering buying a home, please call me and let’s begin your search. If you have not contacted a mortgage lender yet, I will be happy to suggest a few to help you get started.
If you are not sure where you stand, a mortgage lender can help you determine your financial situation and find a loan that is best suited for you. Stop the wondering and ‘what ifs” and get the answers to help you make a better decision!